Notes to SEFA
Title: SIGNIFICANT POLICIES
Accounting Policies: See Attached
De Minimis Rate Used: N
Rate Explanation: See Attached
The accompanying schedules are presented on the budgetary basis of accounting with the exception of programs recorded in the enterprise fund, which are presented using the accrual basis of accounting. These basis of accounting are described in Note 1 to the Charter Schools basic financial statements. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance); and the provisions of New Jersey Department of the Treasury Circular Letter 15-08 OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in the schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: De Minimi
Accounting Policies: See Attached
De Minimis Rate Used: N
Rate Explanation: See Attached
The auditee did not use the de minimis cost rate.